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ASX 200 rallied 5 points to 8540 as banks lost momentum. CBA up 0.5%, the Big Bank Basket closed at $273.85 (+0.3%). Insurers slumped led lower by IAG on disappointing numbers, losing 12.6%, SUN also off 4.6% with SDF falling 3.1%. Other financials were ok, MQG up 0.3% and GQG up 0.9%. ASX had a good results driven by volume increases on futures and options. REITs slipped, SCG off 3.0% and industrials mixed. Utilities fell as ORG was underwhelming down 1.2% and QAN dropped 2.0% on a broker downgrade. JBH fell 1.1% with LOV up 1.7% and TPW doing very well on positive results. Up 13.0%. ALL and LNW both pushed higher. TLS fell 1.0% despite plans to offload its data-centre business. Resources were the go-to today. Iron ore stocks in demand, BHP up 2.1% and FMG up 1.8% with good numbers from S32. MIN rallied 7.0% on governance news, PLS up 4.7% and LTR better by 9.2% on a presentation. Gold miners in demand again, NEM up 3.2% and NST up 0.2% with EVN seeing some profit taking down 0.6%. BSL continuing to rally on tariff news. Energy stocks fell as oil dropped on Ukraine’s peace plan. In corporate news, SIG rose 6.1% kicking off as Chemist Warehouse with several block trades done as some exited. TWE fell 5.7% on no deal on its cheaper brands. DHG ran 7.0% on news of a new CEO from REA. PME also failed to live up to some expectations falling 3.2% on results. Nothing on the economic front, Asian markets firm,HK up 1.9%, China flat but Japan up 1.4%. 10-year yields up to 4.48%.

HIGHLIGHTS

  • Winners: TPW, LTR, PNR, MIN, DHG, FFM, IGO
  • Losers: IAG, LOT, AGL, TWE, GNC, SLX, IPX
  • Positive Sectors: Iron ore. Lithium. Gold miners.
  • Negative sectors: Insurance. Healthcare. Utilities.
  • ASX 200 Hi 8575 Lo 8535 – Narrow range – Loses bank momentum.
  • Big Bank Basket: Record highs at $273.85 (+0.3%)
  • All-Tech Index: Down 0.2%
  • Gold: Up to AUD$4635
  • Bitcoin: Back to US$97165
  • 10-year yield rises to 4.46%.
  • AUD: Steady at 62.98c.
  • Asian markets: Asian markets, Japan up 1.5%,  China down 0.1% and HK up 1.5%
  • Dow Futures up 86 Nasdaq up 105

MARKET MOVERS

  • TPW +13.0% results cheer.
  • LTR +9.2% conference presentation.
  • DHG +7.0% new CEO Ex REA.
  • MIN +7.0% corporate governance update.
  • FFM +5.7% presentation.
  • SIG +5.4% Chemist Warehouse begins. Block trades on the cards.
  • ASX +5.0% good option and futures volumes
  • SPG +27.3% three new executives.
  • WC8 +10.0% bouncing back.,
  • CXL +19.2% restarts PLS JV.
  • IAG -12.6% results disappoint.
  • ORA -4.7% results weigh.
  • AGL -6.6% results.
  • TWE -5.7% results and failure to sell cheap names.
  • AQZ -6.9% results.
  • Speculative Stock of the Day: Some volatility continues in CRS today showing good volumes too. CDT +20.0% high grade gold hits in Ghana.

ECONOMIC AND OTHER NEWS

  • Mineral Resources (MIN) confirmed that managing director Chris Ellison will depart the miner and claimed it found no further corporate governance failures.
  • Bank of America believes the record rally in gold prices has further to run and even suggested the precious metal could reach $US3500 an ounce.
  • Hang Seng Tech Index eyes highest close since February 2022. Kuaishou Technology, Bilibili Inc and Baidu Inc were among the top gainers.
  • Return to pre-2014 Ukraine borders ‘unrealistic’, says US defence secretary.
  • NYSE to relocate 143-year-old Chicago stock exchange to Texas.
  • ‘No signs of slowing’: US egg prices soar as avian flu rips across farms.
  • China’s construction of coal-fired power plants reaches highest in a decade.
  • A new car would cost about $5,790 more if President Donald Trump’s plans for 25% tariffs on Mexico and Canada go into effect, according to an estimate from Benchmark.
  • Benchmark found that more than 22% of finished cars and about 40% of auto parts come to America from the two trading partners.

And finally…..

Clarence

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